Justin Post

Zuckerberg described the data flywheel and scaling advantages but gave no timeline for the product-velocity uptick the question asked about.

Zuckerberg confirmed MuSpark validates the lab is on track but declined to share specific product cadence, citing competitive sensitivity and quality-over-timing priorities.

Susan Li gave a detailed vertical breakdown, online commerce, professional services and tech all broad-based strong.

Zuckerberg said non-ads businesses won't be meaningful at scale over the next couple years even if they grow quickly.

Zuckerberg declined to anchor margin expectations and reframed the goal as maximizing profitability rather than margin.

Susan Li was explicit: infrastructure is for internal use, not a cloud/IaaS business.

Susan Li separated clean core-AI ROI (strong, measurable) from genAI (early curve, not a meaningful revenue driver this year or next).

Susan Li defended CapEx by pointing to internal compute demand and flexibility in deployment, but did not quantify ROI.

Susan Li confirmed Asia-based ecommerce export softness is baked into the Q2 guide and explained the wider $3B range as macro-uncertainty reflection.

Susan Li flagged paid recommendations and a premium offering as future levers but said 2025 focus is the consumer experience.

Zuckerberg defended the Community Notes shift; Susan Li said content policy changes have not affected advertiser spend.

Balaji explained ~500bps mobility take-rate decline is ~400bps optical from the U.K. model change, with net take rate broadly stable and mobility OI margin at 7.6%.

Balaji framed the $10B as multi-year equity and balance-sheet AV investment but deferred exact P&L sizing until closer to deployment. Partial.

Dara cited UBER's demand advantage driving higher AV utilization, plus Uber Autonomous Solutions helping partners focus on building the driver while UBER handles fleet management.

Dara stated no visible effect of Waymo launches on overall business. U.S. Mobility accelerated more than overall business. Driver earnings up and more drivers joining in Austin/Atlanta.

Dara framed AVs as net positive growth drivers, noting Austin/Atlanta bookings accelerated. Balaji added that 70% of US is outside top markets and 75% of US profits come from those areas unlikely to see AV near-term.

Prashanth explained EBITDA up 33% YoY to all-time high 4.5% margin, but deliberate moderation for investment. Dara described AV as following the same barbell pattern as prior growth bets, unprofitable for a few years while building liquidity.

Dara noted AV software acceleration from AI models, emphasized hardware as the harder commercialization challenge, and said Tesla's current deployment is very small with no measurable trend impact.

Dara reported no macro weakness signals, with basket size still increasing and no trade-downs in restaurant selection, noting Uber's categories are resilient during uncertainty.

Prashanth broke down Q1 guidance headwinds: leap year lap, LA fires, southern US weather events account for 1-2pp of drag, plus FX at 5.5pp headwind.

Dara outlined five factors needed for AV commercialization and argued that by the time they converge, many more players will have reached viability both in US and globally.

Ewout attributed the flight slowdown to industry-wide airline capacity and price pressure from the Middle East, noting flights still outperformed the market.

Glenn framed AI as opportunity not threat, citing performance marketing platform shift as advantageous given Google experience. Referenced partnerships with OpenAI, Google, Anthropic and Amazon.

Ewout confirmed the expectation that gross bookings will grow faster than room nights over time due to ADRs, flights, and other verticals contributing incremental transaction value.

Glenn attributed US gains to persistent execution on product, brand, and service rather than any single factor, noting BKNG benefits across all economic segments.

Ewout cited 11% advertising revenue growth including KAYAK and strategic investments from the $170M reinvestment program scaling nicely.

Ewout attributed Q4 2024 to accelerating growth plus low comps, noted the comp effect won't repeat, and redirected focus to the full-year raised guidance.

Glenn explained the merchant platform enables connected trips, flexible payments, and FX savings for travelers and suppliers, with significant revenue opportunity from $166B transaction volume.

Ewout attributed Q4 strength partly to easier comps and extended booking windows, noted Q1 headwinds from leap year, but emphasized normalized low double-digit growth across metrics.

Ariane Gorin described B2B as always competitive with a very large addressable market, citing supply, content, technology and servicing as differentiators. Derek Andersen added that the company will begin lapping last year's marketing reductions in H2 but that structural marketing improvements endure and overheads were flat YoY even as revenue rose 14%.

Scott stated no meaningful growth left on table despite consumer marketing spend down 7%. Acknowledged marketing efficiency will moderate in H2 as they lap elevated leverage from H2 2025 cost cuts.

Ariane highlighted common data platform, shared lodging path driving cross-brand conversion learnings, and unified loyalty enabling earn/redeem across brands. Scott noted strong performance across all 3 B2C brands.

Ariane cited April brand relaunch driving brand awareness and direct traffic improvement, new product capabilities like price alerts, and strong international results with 10-for-1 loyalty.

Scott acknowledged tougher Q4 lapping of 6-7 points from prior year, expects to be on upside of higher end of range. Will address Q4 when they get to it.

Scott noted 11bps deleverage driven by B2B mix. Committed to investing where profitable growth exists and reducing where not.

Ariane acknowledged Hotels.com was not in growth in Q1 but expressed confidence in the relaunch plan with new visual identity and product capabilities.

Scott broke down Q1 guide drivers clearly: FX, leap year, Easter shift. On margins, noted 100bps over two years is a good start while balancing growth investment.

Chesky said hotels are gaining in both supply-constrained and non-constrained markets and that about 35% of first-time hotel guests come back to book a home.

Brian said repeat rates driven by guest satisfaction which has increased as guest favorites now represent nearly half of all bookings. NPS strongest since the pandemic and accelerating. Removed 500K+ low-quality listings. Ellie confirmed North America momentum into 2026 as underpinning of optimism after accelerating from low single digits in H1 to mid-single digits in H2 2025.

Brian said about half of experience bookers have no associated Airbnb stay, 10% of service bookers are new to platform. Too early for 12-month retention data. Services/experiences also marketing homes more effectively in bundled ads.

Ellie noted US still hotel-dominated with lower STR penetration than other markets. Targeting Hispanic and Heartland demos. Brian said 10M homes could be tens of millions more with co-hosting.

Ellie contextualized US inbound corridor as only 2-3% of business. Travelers redirecting not canceling. US market share continues to grow with no losses.

Ellie attributed summer softness to booking lead time volatility, not demand weakness. Take rate expected to benefit by 20bps from FX service fee without 2024 offsets.

Jassy listed demand drivers and reaffirmed the doubling of power capacity by end-2027, but gave no H2 versus H1 gigawatt split or 2027 figure.

Jassy called it a big deal for customers, emphasized customer desire for model choice. Highlighted stateful Bedrock managed agents built with OpenAI as a unique differentiator.

Jassy confirmed Trainium rack sales are a strong possibility over the next couple of years but noted the need to balance existing demand allocation with external sales.

Jassy said 3.8 gigawatts of capacity added in last year with another gigawatt plus in Q4 and expects to double overall capacity by end of 2027. Power is current industry bottleneck may move to chips. On Trainium said it is fully subscribed multibillion dollar business growing 150% quarter over quarter. Project Rainier has 500,000 Trainium2 chips going to 1 million by year end. Current Trainium2 customers are small number of very large accounts. Trainium3 previewing end of year with fuller volumes beginning 2026 with interest from both very large and medium-sized customers.

Olsavsky said he corrected a typo in guidance range. Feels good about Q2 growth rate and acceleration in areas including units. Cited very successful Prime Day earlier in month. Acknowledged uncertainty on tariff settlement and ultimate consumer impact. Said key controllable inputs of price selection and convenience all working in Amazon favor. Described outlook as cautiously optimistic. Declined to give Q4 guidance.

Jassy explained lumpiness from unpredictable startup growth and enterprise migration timing. AI adding new layer of lumpiness with coding agents like Cursor and Vercel showing explosive recent growth. On competitive rates said 17% on $117 billion ARR is still significant growth on a very meaningfully larger base than others.